Keel Bolt Pulled Partway Out

I am the owner of a 1978 J/24 #956. After launching the boat by lifting it with the bar between the aft two keel bolts the forward keel bolt pulled out several inches such that the bilge cover plate will not lie flat. I have tried to screw it back in but I can't budge it. I just bought the boat and it had a bulge in the keel as the result of water freezing I presume. I ground down the bulge, striped the loose material off the keel and re-faired it.

I'm concerned about the bolt. Will it hold if I haul the boat by lifting the bar again? What can I do about the protruding bolt?

You need expert advice on the keel bolt construction, probably from Waterline. I have heard that the bolts are in fact "J" shaped so if it sliped at all it means the bolt is broken or the lead has split and the hook part of "J" has moved up into the split. Maybe the early boats are different but in any case you don't have an easy fix. I would guess its something like cut a 2"-3" dia hole from the side thru the lead (location TBD) to put a nut on the bottom of a replacement bolt or a plate above the hook part of the J.

In the meantime do not lift off the bad bolt. Maybe you could make a longer lifting bar to use the aft and center bolts for lifting but still any lift would be scarey and it would be difficult to trust the keel when sailing in violent conditions.[/quote]

HELL NO!!!! Do not even attempt to lift your boat with that bolt!!!!
Get bit fixed by a shop with experience and plenty of insurance and NEVER let anyone anywhere near your boat while it is hanging EVER again!!!!